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2015 (11) TMI 272 - ITAT DELHIRevision u/s 263 - addition on account of unsecured loans and sundry creditors - Held that:- We had called for the assessment records and the Ld.DR confirms that all the details in respect of the loans along with confirmations necessary for the purposes of verification, details regarding the sundry creditors etc., were available before the Ld.AO at the time of assessment. From the questionnaire raised by the ld.AO it further appears that specific queries have been raised by the Ld.AO in respect of loan liability, unsecured loans and sundry creditors and the assessee has filed all the details as sought for by the ld.AO. The ld.AO has verified the same at the time of assessment. It is evident from the order of the Assessing Officer that he has considered all detailed particulars filed before him. The same is verifiable from the questionnaire issued by the ld. AO at the time of assessment. The Ld.AO has dealt with and verified all the details in respect of the issues raised in the notice issued by the ld.CIT u/s.263 of the Act. We therefore reject the submission of the Revenue that the order of the Ld.AO is erroneous or prejudicial to the interest of the Revenue or have been passed without application of mind only because in the assessment order the ld.AO has not made elaborate discussion in that regard. It is evident that the ld.CIT has set aside the order of the ld.AO only on the ground that the view taken by the ld.AO was not agreeable to him. In our considered opinion, it cannot be said that the ld.AO has not applied his mind at the time of assessment. The view taken by the ld.AO was a possible view and that the condition precedent for invoking jurisdiction under section 263 by the Commissioner of Income-tax did not exist in the facts of the present case. See Commissioner Of Income-Tax Versus Gabriel India Limited [1993 (4) TMI 55 - BOMBAY High Court] - Decided in favour of assessee.
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